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Russia could also be excluded from meetings of the G8 group of countries if Putin doesn’t back down (Picture: AFP/Getty)

Leading Russians could face a freeze on their assets as well as travel bans if Vladimir Putin doesn’t back down in the Ukraine crisis.

International powers are meeting in London tomorrow to draw up a list of potential names, David Cameron told MPs today.

Russia could also be excluded from meetings of the G8 group of countries.

Preparations for a meeting in Russia of the G8 are already on hold since the revolution in Kiev and Russian occupation of Crimea. Responding to Commons questions, the prime minister said: ‘You asked whether it would be right to resuscitate the G7 rather than go ahead with a G8.

‘I think if we don’t make progress on a contact group, if Russia takes further steps, then clearly one of the measures we could bring forward… would be going back to a G7 rather than a G8.’